With just six days left in 2024, preparations for the dawn of 2025 (New Year) are underway across the nation. Starting January 1, 2025, several significant changes are set to take effect (Rule Change From January 1), impacting every home and every wallet. These changes include the prices of LPG cylinders used in kitchens and rules for UPI payments.
Changes From LPG To UPI
Every month witnesses various financial transformations, and with not just a new month but a new year beginning January 1, a set of five major changes are on the brink. The first alteration will be witnessed in the pricing of LPG cylinders (LPG Price) and aviation fuel (ATF Rates) as oil marketing companies adjust these rates on the first of each month. Simultaneously, from January 1, new rules for UPI 123Pay payments will come into effect. An updated rule for pensioners through EPFO is also set to be implemented on this day. Additionally, farmers will benefit from guaranteed loans as part of this list.
First Change - LPG Prices
Like the first day of each month, on January 1, 2025, oil marketing companies will revise the prices of both household and commercial LPG gas cylinders, issuing new rates. Although there have been numerous changes to the price of a 19-kilogram commercial LPG cylinder recently, the cost of the 14-kilogram household cylinder has remained stable for a long time. This time, however, changes are anticipated, as well as possible shifts in aviation fuel prices.
Source: aajtak
Second Change - EPFO's New Rule
As of the new year's first day, January 1, 2025, the Employees Provident Fund Organization (EPFO) will implement a new regulation, offering a significant gift to pensioners. With this adjustment, pensioners can withdraw their pension amount from any bank in the country without needing extra verification.
Third Change - UPI 123Pay Regulations
The Reserve Bank of India (RBI) had initiated UPI 123Pay to facilitate online payments via feature phones. They've decided to increase its transaction limit, effective January 1, allowing users to make online payments up to 10,000 rupees, previously capped at 5,000 rupees.
Source: aajtak
Fourth Change - Stock Market Rule
Changes are underway regarding the monthly expiry of Sensex, Sensex-50, and Bankex. Rather than Fridays, these will now occur every Tuesday, with quarterly and biannual contracts expiring on the last Tuesday. Meanwhile, the NSE index has decided on Thursday for Nifty 50 monthly contracts.
Fifth Change - Farmers' Loans
Beginning January 1, 2025, a transformation related to farmers will take effect. From the year's first day, farmers could receive up to 200,000 rupees in loans without the need for collateral, an increase from the previous limit of 160,000 rupees as announced by the RBI.
